Saying they have made a deal with Sion Trading FZE Dubai to acquire $10 billion in gold bullion, Arbitrade said as they pay “off the gold bullion debt to Sion, the gold can be traded for the appropriate metals backing each token before being shipped to the vault in Bermuda.”

This follows after the company’s recent press conference in which they stated they were buying Victoria Hall, “donating $1 million to the Government’s new state-of-the-art co-working space,” and made claims about other initiatives they said they would be donating to. Following that press conference call, OBA MP Michael Dunkley expressed concerns, saying it “raises more red flags than a hurricane on South Shore.”

In their newsletter yesterday, the company said, “Bermuda is the gold standard for banking and the reinsurance industry. They have been passing the laws to make Bermuda the gold standard in an additional industry, fintech, primarily based on cryptocurrency, which they wish to refer to from here on as digital assets.

“Arbitrade has been working with the government of Bermuda to help establish this new industry. Troy Hogg was one of the very first people that met with the Premier and Ministers in charge of the new fintech space.

“After ten visits to Bermuda, meeting with the Premier and Ministers, the Company has been incorporated. It will soon go through the process to be able to issue its ICO and obtain a License. The Government has come passed many pieces of legislation that deals with ICO and digital assets.

“What they are working on is the regulation that ties in with the legislation. Bermuda is a very sophisticated jurisdiction and they have put in place legislation and regulations to protect all parties, which includes investors, and users.

“Arbitrade will oversee the build-out and upgrades to Victoria Hall while the company awaits the licenses for operations. After a recent lengthy visit by all the board members, management and consultants, the company was informed that the licenses might take as long as September. The company may have misjudged the process period for these licenses but is confident it will happen sooner than later.

“Arbitrade plans on opening a foundation to help assist local charities in every region it operates to assist in building better communities, which is already being seen in Bermuda,” the company said.

“Arbitrade Ltd. has made a definitive deal with Sion Trading FZE Dubai to acquire $10,000,000,000 in gold bullion. The bullion will be held at Brinks’ vault at the Dubai Gold Exchange. Arbitrade will have the title certificate, which is called an SKR, in hand in the next two weeks.

“The company will have the bullion audited by a major accounting firm that operates in both Bermuda, Dubai and the United States before the end of September or as the accounting firm’s schedule permits. The audit is not an important factor and is only being done to satisfy U.S. Regulators.

“There has been a large amount of confusion as to why Arbitrade negotiated the initial deal for all gold, and there is a simple answer. The bullion vaults primarily hold gold for these types of transactions.

“As Arbitrade pays off the gold bullion debt to Sion, the gold can be traded for the appropriate metals backing each token before being shipped to the vault in Bermuda, where it will be audited once a year, again, as the reserves build up.”

How many fools are going to use real money to buy these magic tokens? But of course the tokens are safe because they’re backed by gold. Of course they won’t explain why you shouldn’t just use your real money to buy real gold in the first place and cut out the middle man.

It won’t be just ships and planes that disappear in the Bermuda Triangle with these guys.

Ugh, don’t you think if a gold dealer was guaranteeing 10 billion dollars worth of gold ,to a Cryptocurrency ,that they would probably also do ,at minimum, a press release of their own. A little bit strange don’t you think?

Probably see a Government of idiots who have egos and are easily fooled with promises of gifts. If it sounds too good to be true, it usually is. Alan Stanford bought Antigua, and look what happened there. Why isn’t the Peoples Campaign protesting to protect Bermudians? No doubt told to keep quiet, your job was to overthrow the OBA, not to help ordinary Bermudians who will not benefit from all this Fintech talk. So much for a so called Labour Party. They’re more business focused and right wing than the UBP.

Sion Trading FZE seems to consist of only a PO Box at the Sharjah International airport and is not listed as a member of the Dubai Gold and Commodities Exchange.

It has no web page. The purported parent company of Sion Trading FZE, Scotia International Of Nevada Inc does not list Sion Trading FZE as a subsidiary or one of their projects. But maybe $10,000,000,000 isn’t big enough for a private unlisted company like Scotia Int’l to bothe listing. I’m sure it’s perfectly normal for private companies in Nevada to setup trading operations via a P.O. Box in Dubai and enter into a $10n deal with a single customer.

And I’m sure they did a lot of due diligence on that customer before signing a $10b contract. Like checking Arbitrade Ltd.’s registration in Bermuda? I can’t find it registered here but they released a picture of a lot of guys around a table saying it was a Board meeting lastt month so everything must be on the up and up. Who are the Board members? Dunno. Not listed.